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Private equity firms may win a couple of key compromises on the controversial Alternatives Investment Fund Managers directive but will have to wait longer for an outcome after a debate in the European Parliament this afternoon was postponed.

Senior private equity lobbyists, who have been working behind the scenes with European parliamentary parties that have been pushing the alternatives directive, were hoping to win last minute deals, the sources said.

The lobbying came ahead of a debate due today in Brussels at Econ, the European Parliament's Committee on Economic and Monetary Affairs, which will is now expected to take place on Monday 17 May, according to two sources close to the situation. The parliament may produce a final text for a directive that would be then merged with proposals put forward by the European Council.

A draft parliamentary version of the directive currently insists that private equity firms need to set up depositories – segregated central pots of cash – and have capital requirements. However, private equity trade associations are hoping that they can be made exempt from the requirement to retain some capital and that the need for a depository should only be applicable to hedge funds as private equity funds do not hold any inherent risks of collapsing if they make poor investments.

One source close to the situation is also hopeful there may be some movement on how non-European firms are able to market funds to European investors, one of the most contentious points in the directive as it could inhibit the investment by foreign-based alternative investment funds.

A compromise deal could work in a similar way to an earlier-mooted passport system, whereby funds can obtain a licence to market to all EU investors without having to approach each country independently, the source said.

Referring to the third country issues, the source said: “We have to consider this as the best wording we have seen since the beginning of the debate [in April 2009].”

However, as a result of the changes it appears disclosure requirements on private equity-owned companies may be strengthened.

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Commenting on the delay to the vote, Javier Echarri, secretary general of the European Private Equity and Venture Capital Association, said: "The delay will give MEPs time to consider what they really want to achieve from this Directive.

"As the directive stands, ventue capital-backed SMEs with 50 or more employees will be burdened with rules that are aimed at much bigger companies. There has been a recent groundswell of concern among entrepreneurs as to the effect of proposed measures. We hope the ECON Parliamentarians will heed their concerns.

"Also we now have fresh hope of constructive debate on the 'third country' issue, governing investment in funds in and out of Europe, beyond the EU's boundaries. It's looking more likely that a solution can be found that balances cross-border transparency and cooperation with the economic realities that investors need choice and our fragile economy needs capital."

Meanwhile, the European Council is scheduled to meet to work on its wording of the AIFM directive on May 18. As reported by Financial News on Friday, hedge fund and private equity managers are concerned a hung parliament in the UK could weaken Britain's influence over the AIFM directive. The UK is leading the opposition to the AIFM directive.

To link to the live broadcast visit: http://www.europarl.europa.eu/wps-europarl-internet/frd/live/live-program?language=en.